SHANGHAI, Jul. 8 (SMM) –LME tin opened at USD 14,300/mt on Tuesday. The metal touched day’s high of USD 14,300/mt and day’s low of USD 13,605/mt before closing down USD 475/mt at USD 13,800/mt. Trading volumes were up 75 lots to 248 lots, and positions were up 154 to 20,141. Inventories fell 15 mt to 7,575 mt. Risk aversion triggered by Greek debt crisis pushed the US dollar index up. Plunging Chinese stock market took a heavy toll on base metals. LME tin, though down, fell slower than other base metals. Greece is due to submit detailed proposal by the end of Thursday. Should a deal be reached between Greece and its creditors, Greece could get bailout immediately. The minutes of the US Fed’s June policy meeting and Chinese CPI data will be eyed. LME tin should test support at USD 13,800/mt.
SHFE 1509 tin contract fell after opening lower during Tuesday’s night session. The contract ended the night session down RMB 2,890/mt or 2.70% at RMB 104,190/mt. SHFE 1509 tin contract should hover around RMB 103,000/mt on Wednesday. In Shanghai spot market, falling SHFE tin will drag mainstream traded prices down further to RMB 110,500-112,500/mt.